The exchange of commodities on the principle of barter seems to have been in vogue from very early times. The difficulties of barter gave rise to some common measure of value. Though cows were recognized as a unit of value for the purposes of exchanges in Vedic days, there were probably other recognized units of value such as a piece of gold known as Nishka.
Did coins exist during the Vedic age?
Nishka and Hiranyapinda perhaps were two types of metallic money prevalent in the Vedic times. But it is difficult to ascertain their exact nature and significance because they have never been mentioned in the Vedic literature in the context of commercial exchange. Later Vedic Samhitas and the Brahmanas refer to Shatamana, Pada and Suvarna. But none of these coins have been referred to in the commercial context and appear only as a sacrificial fee or gift or reward for religious, social and academic accomplishments. These metal pieces having conventional size, shape, substance, value and weight had a sort of socio-economic significance as they were the gifts from the kings and people gradually began to place confidence in their intrinsic value. It appears that some donees who had received these gold pieces, getting into financial difficulties, sold them to other people and thus put them into circulation. Gradually in the post-Vedic period some of these forms of metallic money like Niksha and Suvarna became the popular medium of exchange. Thus in the Jatakas, Nishka, Masaka and Suvarna are mentioned in the commercial contexts. Panini refers to some coins like Nishka, Suvarna, Masaka, Shatamana, etc. It clearly shows that the people had gradually begun to adopt gold and silver money as medium of exchange for highly priced commodities. Along with them copper pieces also found a place as money for ordinary commercial exchanges.
But S.R.Goyal is critical of those scholars who have tried to prove the existence of a gold currency in India in the early Vedic period (D.R.Bhandarkar) or the later Vedic period (A.S.Altekar). He argues that in this whole period our economy mainly depended on agriculture and local trade and did not need a gold currency. According to him archaeologically the oldest gold coins of India issued by indigenous rulers are those of the imperial Guptas, excluding a few rare Punched Mark Coins. Before the Guptas the Kushanas issued copious gold coinage. Earlier two Indo-Greek rulers Eucratides I and Menander are known to have issued gold coins but there is no evidence to show that they were meant for circulation in their Indian territories. According to Herodotus, the Indian Satrapy paid to the Achaemenids a tribute in gold dust (not in coins) and the king of Taxila paid Alexander ‘coined silver’ and not ‘coined gold’. All these facts indicate the absence of gold currency in India in any period before the age of Kushans.
Earliest Coins of India
The Punched Mark Coins (PMC) are the earliest coins of India and the emergence of these coins is linked up with the origin of coinage of India. These coins were known as Purana, Dharana or Raupyakarshapana in ancient India. These coins which are largely in silver with a few in copper as well were found in various shapes, sizes and weights. The transition from metallic pieces of definite weight to coins took place only shortly before 500 B.C. and literary evidence also does not prove the existence of silver currency in the pre-Panini and pre-Tripitaka period. These coins were in vogue when writing was not current in India or was rarely used. Therefore the PMC are not inscribed; instead they have a predetermined number of symbols punched on them. The different symbols on these coins were stamped by means of separate punches and not by a single die by the issuing authority. It is suggested that the four or five symbols on the PMC represented the name of the state, the ruling king, place of the mint, religion patronized by the state and the mint-master. The PMCs were in use in northern India till the beginning to the Christian era and might have remained in circulation till the time of the Kushanas. In southern India, the circulation of PMCs continued for 300 years more.
Was Indian coins influenced by Greeks?
Princep (who later modified his view), Wilson and C.W.King believed that Hindus derived their knowledge of coinage from the Bactrian Greeks. So also John Allan, V.A.Smith and Michael Mitchine put forward the foreign origin of Indian coins. But Indian scholars like Durga Prasad, D.R.Bhandarkar, S.K.Chakraborty, P.L.Gupta, etc., have put forward the indigenious origin of Indian coinage. Alexander Cunningham believed that the silver PMC, mainly the common square Karshapana coins found all over the country, was essentially original as it differed from the Greek and from all other systems, in its unit of weight, as well as its scale of multiples.
Indian coins existed prior to Alexander’s invasion
In his work Life of Alexander, Quintus Curtius tells us that among the presents given by the king of Taxila to Alexander were included 200 talents of Signati argenti. This refers to coined silver money and not silver bullion. Further the larger Bhir Mound hoard of PMC discovered in Taxila in 1924 belonging to the 3rd or the 4th century B.C. definitely proves that the silver PMC were in circulation in India at least a couple of centuries earlier to Alexander’s invasion.
According to P.L.Gupta, PMC can be classified into coins of local series and coins of imperial series; the former being older than the latter. The local series represents the coinage of the Janapadas and belonged to the period before the rise of Magadha Empire and originated in 7th or 8th century B.C., and the coins of the imperial series originated with the rise of Magadha Empire in the 6th century B.C. Silver currency was quite well established in society earlier than the time of Buddha, he adds.
Issuers of these coins
While some scholars are of the view that the PMCs were issued by guilds and silversmiths with the permission of the ruling authority other scholars opine that they were issued by a central authority that guaranteed the genuineness of the metal and the correctness of the weight. According to D.C.Sircar not all PMC were issued by the State and some of them were certainly issued by guilds and silversmiths and such coins were in circulation side by side with those issued by the States. It appears that all or most of the sixteen Mahajanapadas and probably a few smaller states also issued their own coins and their mints were situated in their capital cities like Kosala, Kashi, etc.
Metals for fabricating coins imported from abroad
Extensive mines of neither gold, nor silver nor copper existed in ancient India and the country had to import considerable quantities of these metals to meet her numismatic and household needs. The indigenous supply of gold was from the mines in Assam, Hyderabad, Mysore and Malbar and from the river washes in the beds of the Indus, the Ganges and the Brahmaputra. But they were inconsiderable and the country had to rely to a great extent on foreign imports. India proper contained no mines of silver. Some of them existed in Burma and Afghanistan, but the country had to rely upon the imports from western Asia for her usual requirements. Some copper mines existed and were worked in Rajputana and Madras presidency, but they did not supply all the quantity of the metal required by the country. The Periplus of the Erythrean Sea mentions that gold and silver bullion were articles of import in most ports of western India.
Rate of exchange between gold and silver coins
Through the references in the ancient Hindu law books and the Nasik Cave Inscription No.12, it appears that the rate of exchange of gold and silver coins was maintained within two limits, namely 1:30 and 1:48. According to the law books compiled in different dates 16 to 20 copper Panas are equal to one silver Pana and that 16 silver Panas can be exchanged for a gold Nishka. The rate of exchange between the copper Pana and gold Mashaka is given as 48:1. The ratio of gold to silver under the Kushanas was 1:10.
Methods of fabricating the coins
On the basis of literary sources and the available specimens of PMC, we can find three modes of fabricating these coins.
- The most common method was to beat the metal into flat sheets of necessary thickness of the coins and then cut into pieces of desired weight and size.
- The second method was to take the metal equal in weight to that of an individual coin and to melt it separately and then pour it out on the earth or wooden board to cool and take its own irregular shape.
- The third method was to fabricate coins by dropping the molten metal in required quantity from a spoon in stirred water to take a round shape which was later given a flattened shape with a hammer.
Sometimes in the 3rd century B.C., a new technique of manufacturing coins was introduced in this country. It was the technique of casting coins from moulds. Instead of punching several symbols by separate dies, a single model was prepared, where all the symbols were put together, and then from that model moulds were made into which molten metal was poured to cast the coins. It made the task of the issuing authority easier and saved a lot of time and labour and gave a uniform look to the coins made from a particular mould.
Mauryas
During the rule of the Mauryas, silver coins called Panas and copper coins called Mashaka were used extensively as a medium of exchange and as legal tender. As Kautilya has not mentioned the name of gold coins, Parmeshwari Lal Gupta opines that during the times of Mauryas gold coins were not in currency and they were not minted. Minting of coins was a prerogative of the ruler and it was the duty of the Superintendent of Mint known as Lakshanadhyaksha to manufacture silver and copper coins of various denominations. The silver coins were of four denominations namely Pana, Ardha Pana, Paada and Ashta bhaga. Panas were used for paying taxes, fines, pay and rewards. Copper coins were also of four denominations namely Mashaka, Ardha Mashaka, Kakani and Ardha Kanani. There was also an official called Rupadarshka whose duty was to examine the genuineness of coins. The state had appointed spies to detect private and unauthorized coining. It is not easy to say if all the imperial coins were issued from one central mint or there were several mints in various provincial headquarters of the empire. Apart from a central mint at Pataliputra, there were at least three others; one in central India (Ujjain), the other in the region of Takshashila and the third somewhere in Kalinga or Andhra.
According to R.S.Sharma, the Mauryas played an important part in spreading the use of PMC beyond the middle gangetic areas. The PMC found in excavations in Orissa, Andhra, the Deccan and western India belong to a date later than 300 B.C. The Mauryas can therefore be reasonably credited with the extension of their use throughout the length and breadth of their empire. They prepared the ground for the rise of the monetary economy in the Deccan where crafts and commerce flourished under the Shathavahanas.
The fall of the Mauryan empire in the 2nd century B.C. led to the rise of a number of principalities bringing decentralization in politics as well as trade and currency. The north-western region of the Uttarapatha was under the control of Indo-Greek rulers. Probably to create a crisis in the native currency system they stopped the supply of silver from the Bactrian region. This crisis in the availability of silver led to the descendants of Ashoka and post-Mauryan governments to issue copper PMC.
Coins issued by foreigner rulers of India
From 2nd century B.C. onwards foreign coins in large numbers were issued by Bactrian Greeks, Parthians, Shakas and Kushanas. Silver was abundantly used for coining standard money by all Greek kings of Bactria and India. Copper was the popular metal for minor coins. Gold was used sparingly by Diodotus, Euthydemus I and Eucratides I. Menander’s queen Agathocleia alone struck some coins in gold. The weight of gold coins called Staters was 132 grains and that of silver coins called Drachm was 66 grains. Deities of Greek gods and animals were usually found on these coins. Demetrios was the first Bactrian king to strike square copper coins with a legend in Greek on the obverse and in Kharoshthian on the reverse. His rival Eukratides struck these bilingual square copper pieces in greater abundance and also a few silver coins. His coins have the figure of a seated Zeus, the sky god. Other Bactrian Greek rulers like Menander and Apollodotus also issued coins. The Shaka rulers also issued coins of which that of Azes I and Azilises are found in large numbers. Apart from Greek gods for the first time an Indian goddess Lakshmi was introduced. The Shakas also used Greek on the obverse and Kharoshthian on the reverse.
Coins under the Kushanas
The Kushanas minted coins in gold and copper only. The gold coin of 124 grains was the standard coin of the Kushana empire but it was most probably confined to the territories of the Kushanas and their subordinate rulers. In other parts of India, copper alone or linked with silver served the purpose of currency.
During the pre-Kushana period it was the silver and copper currency which played an important part in the economic life of India. Hence the reason for the Kushanas to issue gold coins according to Balaram Srivastava was because in the Kushana kingdom’s imports from Rome exceeded the export list of goods. Therefore the traders might have requested the Kushana emperors to issue gold coins for commercial transactions. R.S.Sharma is of the opinion that the Kushanas, who had maintained close contacts with the Roman Empire from where they obtained gold as a result of the trade through the silk route which passed through their territory, converted the Roman gold coins into their own gold coins.
The Kushanas issued a good number of copper coins which evidently presupposes the penetration of the money economy into towns and possibly into rural areas.
Guptas
The Gupta coins constitute the earliest indigenous coinage of India which are regular in size and weight and bear the figure and name of the issuer. Gupta coinage was considerably influenced by the Kushana proto type. The traditional weight of the ancient Indian gold coins (Suvarna) was 80 rattis or about 144 grains. Chandragupta I who started the Gupta coinage did not care to revive this ancient standard but followed the Kushana standard of 120 or 121 grains which in turn was based upon the weight of the Roman gold coins aureus, normally weighing 121 grains. Majority of Samudragupta coins also follow the same standard. But very soon the coins issued by the Guptas became thoroughly national in their art, motif and execution. Chandragupta II issued extensive gold coins apart from copper and silver coins. The silver coins issued by him were a close copy of the Kshatrapa prototype. The silver coins were intended for the newly created western provinces (Malwa, Gujarat and Kathiwar) which earlier under the Kshatrapa rulers were accustomed to silver currency only. Kumaragupta I issued 14 types of gold coins with motifs of Kartikeya, lion slayers and also silver coins free from the Kshatrapa influence. Skandagupta issued his Archer type coin weighing 144 grains, his horseman coin weighed 140 grains. The earlier view that his gold coins are heavily adulterated is now shown to be wrong. It may be noted that the coins of the Gupta tend to increase with each successive reign.
With regards to the abundance of gold coins under the Guptas who issued far more gold coins than their predecessors, R.S.Sharma says that it is likely the Guptas obtained their gold from the eastern part of the Roman Empire through trade and also from China and south-east Asia. It could also be due to the proper working of gold mines in Bihar, says Sachindra Kumar Maity.
In post-Gupta period there is complete absence of gold coins for four centuries and the paucity of coins in general in north India. In the 11th century it was restarted by the Chedi ruler Gangeyadeva and subsequently continued by the Chandellas, the Gahadwalas and some other dynasties. However, gold coins of that period weighed about 60 grains and were known as Suvarna-Drammas. Half and one-fourth Drammas were also issued. The silver coins were termed variously as Purana, Dharana or Karshapana and weighed 32 rattis or about 57 grains. The copper coins called Panas weighed 144 grains.
Coins of south India
In the south Indian currency systems, gold and copper predominate, while silver currency is practically absent except for the early PMCs from the 2nd century B.C. to 3rd century A.D. and occasionally silver mintage in the late medieval period. Coins of gold and silver were perhaps used as a reserve or in major transactions whereas for daily transactions of a minor nature coinage of base metals like lead, potin and copper was in vogue. With regards to the technique of minting coins, the punch system continued throughout the currency history of south India to be replaced by the die striking technique of Vijayanagara in the late 14th -15th century A.D. The weight of the coinage was based on a seed called Kalanju weighing 52 grains.
The gold coins were known by different names like Gadyana, Kalanju, Varaha, Pon/Hun and Pratapa. The gold coins were of two types -Pon/Hun, Varaha or Pagoda weighed 50-60 grains and Fanam weighed 5-6 grains. Gadyana weighed a little more than Kalanju and ranged from 61.75 and 63 grains.
The earliest dynasty of the south, the Shatavahans issued coins of lead or a peculiar alloy of copper. The silver coins issued by Gautamiputra Satakarni were the restrucked coins of Nahapana whom he had defeated. Coins of various dynasties which ruled over south India are known only from information gleaned from literary sources. We have not come across coins issued by the Chalukyas of Badami while the coins of the Rashtrakutas are known only from epigraphs which speak of dramma, suvarna, kasu, gadyanaka, etc. The Seunas issued Padmatankas, with an eight petalled lotus in the centre. The Kadambas of Hanagal also issued Padmatankas. The imperial Cholas issued gold, silver and copper coins. While gold and copper were more predominant in the early reigns, copper became the chief metal for currency in the later Chola period. The Chola coins bear their emblem, the tiger. Allmost all Vijayanagara rulers issued coins in gold and copper in large numbers and their coins bear the motif of various deities. The silver coins issued by them are known as Tar which was 1/6th of Panam. The copper coin was known as Kasu.
Roman coins in circulation
In the early centuries of Christian era we find Roman gold coins in circulation in south India. The reason for this according to Warmington was because the Romans introduced their own coinage of gold and silver to facilitate their foreign trade as there was a dearth of commercial coinage as the Tamilian coins were of base metals. R.Vanaja is of the view that the well organized merchant associations who minted coins with the permission of the State probably imported these Roman coins for their commercial transactions both internal and external as high value currencies. Differing on the above views, Balaram Srivastava says that the Tamilians accepted Roman gold and silver coins from traders only as bullion as the ruling princes of the Chola and Pandya dynasties disapproved the use of Roman coins as currency. As minting at that time was under state control, the government took serious note of all attempts of Roman traders to circulate their coins in Indian markets as detrimental to the national economy. To ward off such attempts they even resorted to the mutilation of Roman coins.
Numerous hoards of Chinese copper coins and Arab dinars were discovered in the Chola region which probably were circulated in the early and late medieval period. Similarly in the Vijayanagara empire currencies of foreign countries were in circulation particularly in places where the foreign merchants had settled.
To be continued
Reference
- C.J.Brown – Coins of India, 1922
- Sachindra Kumar Maity – Economic Life in Northern India (In the Gupta Period), Motilal Banarsidass, 1970
- R.Vanaja – South Indian Coins, H.M.Nayak, B.R.Gopal Edited: South Indian Studies, T.V.Mahalingam Commemorative Volume, Geetha Book House, Mysore.
- E.J.Rapson – Sources of Indian History : Coins
- Bhagwan Sahai Mudgal – Political Economy in Ancient India, Kishore Publishing House, Kanpur, 1960
- Pran Nath – A Study in the Economic condition of Ancient India, 1929
- Shailendra Mohan Jha – Problems of the study of Punch-Marked Coins, Proceedings of the Indian History Congress, vol-50, 1989
- R.S.Sharma – Coins and Problems of Early Indian Economic History, Proceedings of the Indian History Congress, vol-30, 1968
- Shankar Goyal – Historiography of the Punch Marked Coins, ABORI, vol-81, No.1/4, 2000
- Shankar Goyal – The Origin and antiquity of coinage in India, ABORI, vol-8o, No.1/4, 1999
- Upendra Thakur – Early Indian Mints, Journal of the Economic and Social History of the Orient, vol.16, No.2/3, December 1973
- D.C.Sircar – The issue of Punch Marked Coins, The Journal of the Numismatic Society of India, vol-23 (Golden Jubilee Volume), 1961
- A.S.Altekar – The relative prices of metals and coins in Ancient India, The Journal of the Numismatic Society of India, vol-ii, 1940
- A.S.Altekar- The Coinage of the Gupta Empire, Numismatic Society of India, 1957
- Balram Srivastava – Trade and Commerce in Ancient India (from the earliest times to A.D.300), The Chowkhamba Sanskrit Series office, Varanasi, 1968
- Parmeshwari Lal Gupta – Numismatic data in the Arthasastra of Kautalya, Altekar Felicitation Volume, The Journal of the Numismatic Society of India, vol-22, 1960
- Satya Prakash and Rajendra Singh – Coinage in Ancient India, New Delhi, 1968
Ithihas 